Stocks Opened Higher ahead of FOMC

U.S. stocks opened higher on Wednesday ahead of minutes from the most recent Federal Open Market Committee meeting.  The Dow Jones Industrial Average lately added 48.49 points, or 0.29%, to 16,955.11. The S&P 500 was up 6.02 points, or 0.31%, to 1,969.73. The Nasdaq Composite gained 17.38 points, or 0.40%, to 4,408.85.

Alcoa Inc. swung to second-quarter profit, driven by strength in its engineered products and primary metals businesses. Results beat expectations. Overall, Alcoa posted a profit of $138 million, or 12 cents a share, compared with a year-earlier loss of $119 million, or 11 cents a share.

Published reports say Citi is close to $7 billion deal to settle charges that it packaged bad mortgages during the run-up to the financial crisis. The amount is far more than the $4 billion Citi (C) was reported offering to pay as recently as June.

Dubai airline Emirates [EMIRA.UL] finalised a $56 billion order to buy 150 Boeing (BA.N) 777X jets on Wednesday, firming up a commitment made last year, just weeks after scrapping an order with rival planemaker Airbus (AIR.PA).

A Beijing court has ruled against Apple Inc by upholding the validity of a patent held by a Chinese company, clearing the way for the Chinese company to continue its own case against Apple for infringing intellectual property rights.